Remortgage

A remortgage, is also known as refinancing. The remortgage process involves obtaining a new mortgage to pay off the existing mortgage on the same property. Many clients remortgage for various reasons, such as:

• Acquiring a better rate from another lender
• Changing the mortgage term or loan amount.
• Raising capital
• Consolidating debt

Remortgages are determined by the value of a property and the loan amount required; this gives a Loan to Value (LTV), seen as a percentage; mortgage lenders in turn offer specific products deals based on Loan to Values i.e. 70%LTV; 80%LTV; 90%LTV. Generally, mortgage lenders offer incentives for remortgage applicants i.e. free basic survey or free legals; based on specific Loan to Values. Our mortgage advisors will advise you the right mortgage deal based on your circumstances; also searching those incentives.

It is important for any remortgage applicants to speak to one of our mortgage expert’s as we’ll carry an affordability check i.e. look to reducing your mortgage term , loan amount or rate could save you thousands in interest payments. One of mortgage brokers based in Manchester will advise and recommend the right remortgage product for you.

Remortgage applicants are seen as a lower risk than a first time buyer as applicants have a mortgage payment profile, which in turn could help towards credit scoring.

Please note; you may have to pay an early repayment charge to your existing lender if you re-mortgage. Please double check your mortgage statements with current providers or speak to your mortgage provider.

If you require remortgage advice; please submit your details above and one of our mortgage brokers will call you. We Know Mortgages Ltd have access to thousands of mortgage products across the high street and building societies. We’ll guide you through the mortgage process from start to finish. We are based in Manchester city centre.